XML 42 R32.htm IDEA: XBRL DOCUMENT v3.23.1
Earnings per Common Share (Tables)
3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Summary of elements used in calculating basic and diluted earnings per common share
The following is a summary of the elements used in calculating basic and diluted earnings per common share:
For the Three Months Ended March 31,
20232022
Numerator:
Net loss$(11,328)$(1,949)
Gain from repurchase of preference shares - Series A, C and D— 3,543 
Amount allocated to participating common shareholders(1)
— (10)
Net (loss) income allocated to Maiden common shareholders$(11,328)$1,584 
Denominator:
Weighted average number of common shares – basic101,552,364 86,547,173 
Potentially dilutive securities:
Share options and restricted share units(2)
— 3,642 
Adjusted weighted average number of common shares – diluted(2)
101,552,364 86,550,815 
Basic and diluted (loss) earnings per share attributable to common shareholders$(0.11)$0.02 
(1)This represents the share in net income using the two-class method for holders of non-vested restricted shares issued to the Company's employees under the 2019 Omnibus Incentive Plan.
(2)Please refer to "Note 6. Shareholders' Equity" and "Note 14. Share Compensation and Pension Plans" in the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for the terms and conditions of securities that could potentially be dilutive in the future. There were no potentially dilutive securities for the three months ended March 31, 2023 (2022 - 3,642).